The Challenges for Black Businesses

The Challenges for Black Businesses

Many people throughout the world participated in the Ice Bucket Challenge to bring awareness to the disease amyotrophic lateral sclerosis also known as ALS. In addition to promoting awareness to this disease, people were encouraged to donate money for research. I’m sure you’re familiar with how the challenge worked – an individual would have someone dump a bucket of ice water on their head. Just looking at how this movement stretched via social media and the media as a whole, many people are now informed about ALS.

Because so many people got involved with the ALS Ice Bucket Challenge, I want to now draw your attention to another challenge – The Black Business Challenge. It’s a challenge that all African-Americans should embrace. Without understanding the importance of this challenge on a daily basis, too many of our Black-owned businesses will suffer. Let’s face it – without the sustainability of Black-owned businesses, jobs won’t be created, communities won’t prosper, and our voices will be silenced about economic empowerment.

Sharp increase in Black businesses
Here’s some important information you should know – “From 2002 to 2007, the number of Black-owned businesses increased by 60.5 percent to 1.9 million, more than triple the national rate of 18.0 percent, according to the U.S. Census Bureau’s Survey of Business Owners. Over the same period, receipts generated by Black-owned businesses increased 55.1 percent to $137.5 billion.”

In an article in Black Enterprise magazine dated November 28, 2013, it’s estimated that African-Americans will have $1.1 trillion dollars in buying power by 2015. African-Americans have what it takes to help build up their own businesses.

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Source: Florida Courier | Sinclair Grey III